In a rapidly developing country without an adequate mortgage market, it is difficult to impute the cost of owning a home and, as a result, this cost is often omitted from the Consumer Price Index (CPI). To resolve this difficulty, by using an intertemporal consumption allocation model, this...

Unlike previous studies on the demand for local public education, this paper applies a minimum likelihood technique, developed for a kinked budget constraint, to the case of Wisconsin school districts and carries out simulations. The results indicate that (1) the bias in estimation under...